Rate holds the dip into the 1.5450 area; possible late selling from US names overnight. Reserve manager and official names seen on the dip into the 1.5490 area yesterday traders say. Likely the rate has flushed early longs. Macro accounts seen selling on the break suggesting the rate will find a bottom soon around current levels.

Rate feels like it wants to rally off these lows. Aggressive traders can buy this dip for a return to resistance although we were stopped out of first attempt at a long. Rate continues to track Cable and vice-versa. Now that stops are cleared a rotation higher is coming.  

EURO/USD Daily

Resistance 3:  1.5680

Resistance 2:  1.5620

Resistance 1:  1.5580

Latest New York:  1.5482

Support 1:  1.5450

Support 2:  1.5400/10

Support 3:  1.5380

Data due Thursday: All times EASTERN (-5 GMT)

2:00am EUR German Trade Balance

2:45am EUR French Trade Balance

4:00am EUR Italian Industrial Production m/m

6:00am EUR German Industrial Production m/m

7:45am EUR Minimum Bid Rate

8:30am EUR ECB Press Conference